Romanian Prime Minister Vctor Ponta exits the anti-corruption prosecutor’s office in Bucharest, Romania, Friday, June 5, 2015. Ponta told media that he was suspected of making false statements, money laundering and being an accomplice to tax evasion while working as a lawyer from 2007 to 2008 when he was also… – Continue reading
A report from the Foreign Investors Council of Romania has proposed additional tax policy reforms to build on recent progress made towards a more equitable and transparent tax system. The FIC wants to see closer consultation between the tax authority (ANAF) and business representatives, with more time allowed for stakeholders… – Continue reading
The Foreign Investors Council (FIC), an association of the leading investors in Romania, has asked the Government to increase penalties against companies that do not pay their taxes and to work on bringing down the subterranean economy, rather than aggressively targeting honest taxpayers. “Penalties for tax evasion should be increased… – Continue reading
May 25 (Reuters) – Romania’s government will send a draft law on royalty taxes for the oil and gas sector to parliament in September, Deputy Finance Minister Dan Manolescu told an energy seminar on Monday. The new tax system will likely include differentiated royalties for onshore and offshore extraction and… – Continue reading
In 2014, the Organization for Economic Co-operation and Development (“OECD”) began making recommendations to Member States for the implementation of certain actions aimed at limiting base erosion and profit shifting, known as “BEPS”. The project includes 15 actions, representing 15 areas of regulation that allow states to monitor data which… – Continue reading
The latest changes to VAT and profit tax legislation, implications of recent measures taken to fight fiscal evasion, changes to international tax reporting rules and the need to improve holding legislation were some of the topics discussed by participants in BR’s 14th Tax & Law conference which took place in… – Continue reading
Malta and Romania found common ground on issues that are currently high on the EU’s agenda, when the Romanian Secretary of State for European Affairs, Mr George Ciamba, met the Maltese Deputy Prime Minister and Minister for European Affairs Mr Louis Grech, at Auberge d’Aragon, reports the Maltese Independent. Mr… – Continue reading
The United Arab Emirates and Romania signed a new Income Tax Treaty on 5 May 2015. Once the new treaty enters into force and becomes effective, it will replace the existing one of 1993. Further details will be reported once the new treaty text becomes available.
The Romanian Government has approved a new law to introduce tax relief for foreign venture capitalists. The law aims to encourage start-up businesses and was passed by the Chamber of Deputies on April 29, 2015. It applies where a foreign individual, who was previously unconnected with the company in question,… – Continue reading
Starting with 1 June 2015, non-resident taxpayers earning interest income from Romania are allowed to apply the same tax treatment as resident taxpayers. The change in the law results from a European Commission infringement procedure against Romania regarding the discriminatory treatment applied to non-resident legal entities compared to resident taxpayers…. – Continue reading
India’s stand will show many nations in Asia and Africa the way to regain ill-gotten wealth stashed outside their countries “We have no information on any accounts held by Indian citizens in banks in Switzerland, Liechtenstein, Dubai or any other country. We have no information on the names of persons… – Continue reading
Sofia. The Bulgarian government approved a draft of a new agreement between Bulgaria and Romania for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income. The document will be signed in case of following ratification. That is what the government information service announced…. – Continue reading
The UK is inhibiting its economy with a tax burden 18 percent heavier than the global average and should consider setting a specific target for lowering the overall tax take, according to research by accountants UHY Hacker Young. UHY’s findings show that tax revenue in the UK represents a third… – Continue reading
Cross border tax fraud and tax evasion by High Net Wealth Individuals (HNWI) are serious problems for many jurisdictions. For many years exchange of information between countries has been solely upon request. In practise this procedure is not efficiently working as it requires foreseeable relevance, thus ‘fishing’ for information is… – Continue reading
More JSE-listed counters announce offshore opportunities. It is becoming increasingly difficult for JSE-listed property companies to find value and attractive deals in the local market, which has seen the offshore diversification spree continue. Industry players believe that the sector has turned over the last few years, with more property counters… – Continue reading
The police are carrying out 146 searches in Bucharest and other 11 counties, targeting 90 people from IT and construction companies, suspected of money laundering and tax evasion. They are believed to have created damages of EUR 30 million to the state budget. Among the companies under the lens are… – Continue reading
OFFSHORE property funds should outpace most local property funds in terms of capital growth this year. Many developed countries’ property markets are offering developers low interest rates amid increasing economic growth, while SA is expected to struggle to grow and a number of property funds here will be beset with… – Continue reading
Romanian authorities have dismantled a tax evasion network suspected of cheating the treasury out of 27 million euros ($34 million), prosecutors said Monday. Police raided around 40 locations in the greater Bucharest area and in the northeast as part of the crackdown on a group suspected of also embezzling 20… – Continue reading
Jersey Finance has welcomed the signing of a Tax Information Exchange Agreement (TIEA) between Jersey and Romania this week. The agreement, which was signed by the Minister for External Relations, Senator Sir Philip Bailhache, and the Romanian Ambassador, His Excellency Ion Jinga, at the Romanian Embassy in London on Monday… – Continue reading
Jersey Romania TIEAJersey and Romania signed a tax information exchange agreement (TIEA) at the Romanian Embassy in London on 1 December. The agreement was signed by the Minister for External Relations, Senator Sir Philip Bailhache, and the Romanian Ambassador, His Excellency Ion Jinga. Senator Bailhache said: “We attach great importance… – Continue reading
Bucharest prosecutors and officers within the Capital’s police direction are conducting 41 searches on Thursday in Bucharest and counties Dambovita, Ilfov, Arges, Braila in a tax evasion case with RON 6 million in damages that is directed at MediaPro. At least 27 people will be taken in for questioning, according… – Continue reading
Jersey Romania TIEAJersey and Romania signed a tax information exchange agreement (TIEA) at the Romanian Embassy in London on 1 December. The agreement was signed by the Minister for External Relations, Senator Sir Philip Bailhache, and the Romanian Ambassador, His Excellency Ion Jinga. Senator Bailhache said: “We attach great importance… – Continue reading
The stock of foreign investments in Romania, representing all foreign investments made, minus outflows related to these investments, grew by only 1.4%, or EUR 832 million, in 2013, to a total of EUR 59.96 billion, according to local financial newspaper Ziarul Financiar. This is the lowest growth rate since the… – Continue reading
Romania wants to become a full-fledged member of the Organization for Economic Co-operation and Development (OECD), according to Romanian officials, Prime Minister Victor Ponta and Foreign Affairs Minister Titus Corlățean. The message has been sent to – and received by –the OECD secretary general William Danvers, who was on a… – Continue reading
SOUTH African property punters are still making more money offshore than in their own backyards — in both rand and dollar terms. Latest figures from Cape-based Catalyst Fund Managers and UBS show that global property stocks, or real estate investment trusts (Reits) as they are commonly known, delivered a total… – Continue reading
Romanian authorities have ordered the closure of Lukoil’s Petrotel refinery in Ploiesti, Romania. Oleg Malginov, Russia’s Ambassador Extraordinary and Plenipotentiary to Romania, announced that the oil refinery had been closed sue to an investigation for tax evasion and money laundering. Malginov, as cited by ITAR-TASS, pointed out that the halt… – Continue reading
Romanian authorities have ordered the closure of Lukoil’s Petrotel refinery in Ploiesti, Romania. Oleg Malginov, Russia’s Ambassador Extraordinary and Plenipotentiary to Romania, announced that the oil refinery had been closed sue to an investigation for tax evasion and money laundering. Malginov, as cited by ITAR-TASS, pointed out that the halt… – Continue reading
Romanian prosecutors from the Ploiesti Court of Appeal Prosecutor’s Office conducted several searches at the Petrotel refinery in Ploiesti, which is owned by Russian group Lukoil. The searches are part of a tax evasion and money laundering case in which the damage to the state is about EUR 200 million,… – Continue reading
The police conducted on Monday morning, September 8, searches at several companies in Romania in a case of tax evasion in the sale of software. The searches took place at 7 places in Bucharest and Ilfov and Giurgiu counties, targeting the suspects’ homes and several companies. According to sources quoted by… – Continue reading
Foreign Account Tax Compliance Act (FATCA) has been in force for a month and still more countries are joining the tax network. So far, 101 countries and financial jurisdictions have either signed or agreed to join FATCA. FATCA is aimed at identifying US taxpayers with offshore bank accounts and investments. Overseas… – Continue reading
Tax evasion is eating away at the heart of Romania and holding back the country, among the poorest in the European Union, in its efforts to catch up, analysts warn. The estimates for the costs of the so-called black or undeclared economy are huge: about one quarter of economic activity… – Continue reading
THE National Tax Policy (NTP) has identified double taxation as one of the major hindrances to the growth of the Nigerian economy. Double taxation has become an issue paramount to investors and top executives of multinationals as income is generally taxable both in source and residence countries. In order to… – Continue reading
Northern Ireland looks set to be handed the power to slash corporation tax in a move with the potential to significantly boost our stuttering economy. In a development which could transform international investment, senior sources in London and Belfast predict that an announcement will be made no later than October… – Continue reading
28 suspects of evading taxes on fruit and vegetable products are under questioning by prosecutors of the DIICOT. These include two officials from the National Agency for Fiscal Administration (NAFA). Prosecutors of the DIICOT Bucharest, along with officers from the Bucharest Organised Crime Squad, conducted 46 searches on Wednesday in… – Continue reading
The Bucharest police conduct on Tuesday morning (July 8) 26 searches in the Romanian capital and Ilfov county, to dismantle a group specializing in tax evasion and money laundering. The damage in this case is estimated at EUR 1.5 million, according to a statement of the General Directorate of Bucharest… – Continue reading
The organisations making the payments are required to withhold tax from such payments and pay over the withheld amounts to their respective relevant Tax Authorities within 30days of receipt of payment or credit by the person or entity suffering the Tax. The relevant tax authorities to receive the WHT tax… – Continue reading
BUCHAREST, June 4 (Reuters) – Romania will introduce a new royalty tax system to reflect the difference in costs between onshore and offshore extraction of oil and gas, but the new levies will not affect current contracts, Prime Minister Victor Ponta said on Wednesday. Companies currently pay royalties ranging from… – Continue reading
Bulgaria’s Cabinet has approved a draft proposal to update the memorandum on avoiding double taxation with Romania, replacing the current agreement signed in 1994, and mandated Finance Minister Petar Chobanov to negotiate and sign the new deal. The issue was first discussed during a joint meeting of the Bulgarian and… – Continue reading
The standard corporate income tax rate is 16%, applicable to both Romanian companies and to foreign companies operating through a permanent establishment in Romania. Profit repatriation In case of the Romanian company being set up as a subsidiary of a foreign company profits may be repatriated solely by way of… – Continue reading
The Treasury Department added 19 nations to its list of countries that have reached agreements with the U.S. on carrying out a far-reaching law aimed at preventing offshore tax dodging by American citizens. The Treasury and the Internal Revenue Service said the 19 nations – including Australia, Brazil, South Africa… – Continue reading
Vice Prime Minister Liviu Dragnea declared on Thursday after his meeting with the Chief Executive of the Hong Kong Special Administrative Region K.Y. Leung that Romania and Hong Kong will start negotiations for the signing of the double taxation agreement that was already discussed last summer during Prime Minister Victor… – Continue reading
Romania is waiting for an answer from the United States on the beginning of negotiations of an intergovernmental agreement on the implementation of the Foreign Account Tax Compliance Act (FATCA) on the exchange of information for fighting tax avoidance.The Romanian Government has approved a memorandum to this effect on January 22,… – Continue reading
